On Wednesday evening, HP Inc reported adjusted EPS (non-GAAP) for the first quarter 2023-24 up 11% to $0.81, in the middle of its target range of $0.76-0.86, with adjusted operating margin improving by 0.8 points to 8.4%.

The hardware manufacturer's sales fell by 4.4% to $13.2 billion, including a 4.9% drop at constant exchange rates, with similar contractions in its PC and printer businesses.

Also posting virtually zero free cash flow for the first three months of the year, HP confirms its target ranges of $3.25-3.65 for adjusted EPS and $3.1-3.6 billion for FCF over the full 2023-24 period.

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